Financial World Fund March 11th News Cathay Global Absolute Return Fund (QDII-FOF-LOF) US dollar cash fund rose on March 9th, current price, transactions - 10,000 yuan. The current off-market net value of this fund is 0.9530 yuan, down 1.14% from the previous trading day, and the on-market price premium rate is --.
This fund is a listed tradable QDII fund and a fund (FOF) fund in the fund. Financial World Fund data shows that the net value of this fund fell by 2.36% in the past January, the net value of this fund has risen by 0.00% in the past three months, the net value of this fund has risen by 0.21% in the past June, and the net value of this fund has risen by 1.82% in the past year. Since its establishment, the cumulative net value of this fund has been 0.9530 yuan.
This fund has distributed dividends 0 times since its establishment, with a cumulative dividend amount of RMB 100 million. The fund is currently open for subscription.
fund manager is Wu Xiangjun. He has managed the fund on December 3, 2015, and his income during his tenure is -4.70%.
Fund investment strategy and operation analysis during the reporting period
In the fourth quarter of 2019, Cathay Global Absolute Return Fund html shares achieved positive returns. During this period, the RMB exchange rate against the US dollar appreciated, resulting in a slight decline in the net value of the fund's RMB shares.
Against the backdrop of global economic recovery in the fourth quarter, the easing of Sino-US trade war and loose central banks in various countries, the global capital market has entered a RiskOn state. Previous concerns about the economic downturn gave way to optimistic expectations of rebound. Commodities such as crude oil and copper have generally risen in developed and emerging stock markets around the world. During the period, gold also rose slightly due to the weakening of the US dollar.
Four of the five funds held in our portfolio achieved positive returns, and the other had a slight net value decline. In the context of a general rise in multi-assets around the world, the two multi-asset allocation funds with leading performance in the first three quarters maintained outstanding performance. Through the active stock screening, the other two long-short hedging strategy funds in our combination also achieved positive returns, among which a fundamental strategy long-short hedge fund newly subscribed in September achieved positive returns for three consecutive months. However, a long-short hedge fund with outstanding performance in the first three quarters fell slightly in the fourth quarter due to policy disturbances and short squeezes from individual stocks. Generally speaking, because of the unique low-risk and low-beta characteristics of absolute return funds, the increase of absolute return funds is not easy to catch up with relative return funds when the stock market is generally rising. In the fourth quarter, the overall volatility and drawdown risk indicators of our portfolio were relatively stable.
Cathay Global Absolute Return-RMB share's net value growth rate in the fourth quarter of 2019 was -0.57%, while the performance in the same period was 's benchmark return rate was 1.16%.
Cathay Global Absolute Return - the US dollar share had a net value growth rate of 0.95% in the fourth quarter of 2019, while the benchmark yield for the same period was 1.16%.
The manager's brief outlook on the trends of the macro economy, securities market and industry
Looking forward to the future, we believe that global central banks will maintain a loose attitude, and the possibility of unexpected impact on risky assets due to currency tightening is low. At the same time, the short-term support for easing Sino-US relations to global risk sentiment is still there.
Although China and the United States are about to sign the first phase of the agreement, we do not believe that this can completely solve the essential problems such as property rights protection and technology transfer between China and the United States. After the 2020 US election, there is still a possibility of conflict between China and the United States and China's trade and politics, which may cause market sentiment to recur. At the same time, the previously blocked Brexit process in the UK has been cleared in the short term, but there is still uncertainty as to whether it can reach a consensus Brexit agreement with the EU during the 2020 transition period. We will continue to closely track these risk events.
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